Am I entitled to a lump sum from the pension fund if I am made redundant?
Am I entitled to a lump sum from the pension fund if I am made redundant?
-
Question:
-
Am I entitled to a lump sum from the pension fund if I am made redundant?
-
Answer:
-
If you have built up membership prior to 1 April 2008 you will be entitled to an automatic tax-free lump sum from the pension fund. If you joined the LGPS after 1 April 2008 you will not be entitled to an automatic lump sum, however, you will have the option of converting some of your annual pension to purchase a lump sum.
Remember: if you are under age 55 the pension lump sum is not automatically payable.